DG Mutual believes its reputation for honouring claims and delivering fast payouts is crucial in persuading the public of the value of income protection insurance. In essence DG says they are good for business.
As a specialist provider to the self-employed and professionals, DG has paid out 99% of claims for the sixth consecutive year, one of the highest in the sector. CEO David Thompson also reports over 60% of claims were paid out within one week and 90% within two weeks.
DG Mutual was set up in 1927 to assist dentists in hardship but today its member’s consist of a wide range of self-employed professionals and business people. Today through its “Stay Afloat” campaign, DG Mutual is keen to show the self-employed they needn’t worry about money when struck by illness.
CEO, David Thompson explains, “Although the economy is improving, it remains difficult for the self- employed to support themselves financially through illness. However, those individuals who take out our cover do more than just stay afloat. Much of the worry and stress associated with illness is removed, meaning they can focus on their recovery”.
This is the sixth year in a row DG Mutual has settled 99% of income protection claims. And although income protection payout rates are typically greater than 90% across the sector, DG Mutual has one of the highest payout rates of all.
Thompson believes it’s important to treat everyone fairly and is at pains to point out policy holders are also members of DG Mutual. As such, it’s the organisations goal to process claims as quickly as possible so members can focus on getting back to full health.
Data held by DG Mutual shows infections are the main causes of claims with each new claim lasting an average of 13 working days. Policies, such as its Day One, are specifically geared to providing cover for just this type of absence. Other data shows the average age of claimants was only 47 showing people are by no means at the end of their working life when they claim.
14th January 2014